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2020 Annual Report & Financial Statement V.1.4

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2020 Annual Report & Financial Statement V.1.4 ANNUAL STAR ONE CREDIT UNION REPORT “Improve each member’s life by delivering valuable financial services.” Star One’s Mission Statement Star One Credit Union is one of Silicon Valley’s largest, member-owned financial institutions. We’ve been serving Santa Clara County for over 64 years with more than 113,000 members worldwide. With assets over $10.1 billion, Star One is ranked 17th in total assets among over 5,700 credit unions nationally. Star One is a credit union focused on members. Our mission is to improve each member’s life by delivering valuable financial services. This year that focus became greater and we found that in unprecedented times, staff and members are stronger together. Star One members can find security in that strength. ANNUAL REPORT 2020 5 TABLE OF CONTENTS 8 Board Report 10 President’s Report 12 Treasurer’s Report 14 Financial Information 15 Financial Highlights 16 Comparative Financial Results 18 Supervisory Committee Report 20 Community Impact 24 Board of Directors, Supervisory Committee & Management 26 Star One Information 6 STAR ONE CREDIT UNION ANNUAL REPORT 2020 7 that member satisfaction is at 98%. And The needs of the community organizations we we continue to monitor and enhance our support only increased during this extraordinary performance through other metrics, such as year. In this Annual Report, we highlight Second our Quality Member Surveys and Mystery Harvest of Silicon Valley, a wonderful local Shopper Program. organization. Our giving did not end there. We are BOARD honored and proud to support 52 organizations The current world situation required us to be in Santa Clara County, to whom we contributed a responsive and flexible to meet members total of $750,000 in 2020. REPORT where they were. Our popular in-person financial education workshops, some of which Under the unique conditions of 2020, the were previously reserved to full capacity, Star One staff stepped up and made a stellar We count ourselves fortunate The mission of Star One is focused squarely were promoted online and through email, and performance for the Credit Union. We pulled to have the opportunity to look on members, and this year, we never wavered conducted via live online webinars. This allowed together as a team, accomplishing remarkable from the goal of improving each member’s life by members to attend conveniently from wherever things and continuing to ambitiously expand back on such a challenging year delivering valuable financial services. As ever, our they were. our offerings in this unimaginable time, while our when our communities have strategy has been to use a sensible approach members patiently showed support through many In February, we expanded our field of been through so much. We in managing the Credit Union, and not react changes. On behalf of the Board, we look forward membership and welcomed people living, watched with the world as the rashly to external factors. The Board of Directors to an even brighter year being stronger together. regularly working, and attending school in come from various backgrounds, and they effects of the pandemic unfolded, several Santa Clara-neighboring counties to apply their decades of experience to be unpaid fires ravaged our state, and social join us. New members from Alameda, Merced, volunteers helping Star One to remain one of unrest rattled our nation. Yet Monterey, San Benito, San Joaquin, San the most successful credit unions in the nation. Mateo, Santa Cruz, and Stanislaus counties through this eventful year, there As challenging as 2020 was, we are confident in California can now sign up for membership is still much to be grateful for members can feel secure about their deposits and open money market savings accounts. We and to celebrate. For Star One, at Star One. Through the decades, we have hope that those who’ve never belonged to a the commitment and resilience weathered many economic storms and are well- credit union before will fully take advantage of positioned to do so again. of our staff and managers, the benefits of the credit union model. These and likewise, the loyalty and It was important in 2020 to not only continue include profits going back to the members in commitment of our members delivering the financial needs of our members, the form of low rates on loans, higher-than- allowed us to continue serving but to do so with the excellent service members average interest on deposits, and convenient expect. We happily report that members remain members successfully during a remote and digital banking services to enhance satisfied, according to surveys conducted their lives. Doug Flowe Chair year like no other. throughout the year. Raddon Financial reported 8 STAR ONE CREDIT UNION ANNUAL REPORT 2020 9 Existing mortgage members had an additional services we offer members is important, although advantage: instead of refinancing, they could use keeping the security of our members’ personal Star One’s Mortgage Rate Modification program financial information safe is paramount. to reduce their rate without going through the Star One has always relied on our members to whole refinance process. For a limited time, we be the best advocates of the value we have to PRESIDENT’S further reduced the already competitive rate and offer. So we were happy to announce we can the low one-time fee, making this already popular now welcome more of our members’ friends, program even more valuable. REPORT coworkers, and family from the counties that We granted more loans in 2020 than any previous neighbor Santa Clara County. As we grow, one of year. Real estate loans totaling $1.366 billion, and our chief goals is to bring even more value to the In 2020, we faced some of the In response to COVID’s devastating effect on $117 million of automobile and other consumer members we serve. And this year, we are proud biggest challenges in the Credit the financial security of many families, Star One loans were granted. Charge-offs remained low to report that CUNA, the largest credit union Union’s history. Despite these provided deferred payment plans on our consumer at .004%. Savings, checking and other deposit trade organization, estimates we provided, on and real estate loans. Plus, anyone affected by difficulties, Star One employees accounts grew to $8.63 billion. Members opened average, $1,270 in direct financial benefits to each the California wildfires could apply for a disaster adapted, overcame and persevered. 7,014 new memberships. member household for the 12 months ending in loan. We all had to adapt to a new way of banking, September 2020. We look forward to providing Star One continued to focus We began offering innovative ways to transfer with a new set of rules, intended to keep everyone even higher levels of service and value to all Star money and make payments. Members can now on our mission of improving safe and healthy. To help members, Star One also One members, in 2021 and beyond. each member’s life by delivering made other accommodations, including the waiver initiate one-time same-day transfers to domestic financial institutions, giving them a great option valuable financial services. of loan payment late fees, out-of-network ATM charges and other account maintenance fees. to transfer up to $25,000 at no additional cost. As an essential business, our objective was to Zelle® was introduced as a new way for members keep members and staff safe while providing the As the economy weakened, mortgage rates to send, receive, and request money quickly, same level of service our members expect. We dropped to unprecedented levels. Members and safely, and securely through Star One’s Mobile kept our branches and back office open, following non-members sought mortgage loans with Star Banking App. And in the fall, contactless cards the guidelines set by local, state and federal One in record numbers. To help first-time home were rolled out, offering members yet another governments. Many of our staff worked from buyers, Star One offered special low down- convenient option to pay with a Star One Visa home, teaming up with in-office employees to payment options, reduced Private Mortgage debit or credit card. Contactless cards allow expertly serve members. Our front-line staff also Insurance (PMI) premiums, flexible loan terms, members to quickly and easily pay with a simple performed well, showing both the dedication and and appraisal-fee refunds of up to $500. We also tap wherever contactless cards are accepted, all agility to meet members’ needs. The patience offered a maximum real estate loan amount of $5 with the same secure technology of chip cards to and cooperation demonstrated by members million, which was especially helpful for the Bay protect members. Expanding the products and Gary Rodrigues President & CEO provided additional help during a difficult time. Area market. 10 STAR ONE CREDIT UNION ANNUAL REPORT 2020 11 year. Our loan portfolio continues to perform Star One continues to thrive and provide valuable much better than other credit unions and banks financial services to our members throughout both locally and nationally with a net charge-off California and the nation. Our loyal membership to average loans ratio of .01%. Our investment and their extensive use of products, services portfolio provides strong returns while maintaining and automated delivery channels provide the TREASURER’S safety and security. Star One does not invest in resources for Star One to be one of the most REPORT subprime debt. successful credit unions in the nation. Membership increased 2.82% to Star One achieved another strong 10% joined through member companies. Over year financially. The Return on the past few years we have seen very strong 113,393.
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